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Byit is likely that the average daily temperature will have risen by three degrees, which will have a negative effect on agriculture and livestock. Though climate change increase Pest analysis in the kenya banking industry frequency and intensity of droughts, floods and other extreme weather events, but uncontrollable pest and diseases which are biological in nature also affect the agricultural production.
An institutionalised insurance scheme in agriculture was much required to improve the agri sector and make it attractive to investors.
Along with the agricultural insurance which provides protection to key stakeholders in the agricultural production value chain in the event of crop failure or loss of yield due to natural disasters, to also minimise the high risks associated with livestock farming in the country, the National Insurance Commission NIA gave the GAIP the permission to begin the pilot phase of livestock insurance—which cushions farmers in the event of losses on their animals.
The focus of these programme is primarily to help smallholder farmers in the country.
To find out more about Ghana Insurance Click here To reserve your spot for Ghana Insurance As per experts, one factor pining down microinsurance successes is education of clients; people do not understand the policy and then they feel disappointed when it comes to claim payments, and the second is about collaboration; to get insurance working will involves getting businesses to come together.
Deepening education, enforcing collaboration and providing a strict legal framework will spur Ghana on to increase subscriptions for microinsurance, industry watchers have said. Source 1, Source2 With the government striving towards making the insurance industry more profitable and promote the growth of microinsurance, Regional Director of MicroEnsure Holdings at Ghana Insurance conference, scheduled March in Accra, Ghana, will identify the best practices and offer concrete recommendations on the way forward for the development of microinsurance in Ghana.
To reserve your spot for Ghana Insurance This relates, non-life cession rates in Africa are significantly higher than in established markets because of frequently weaker capitalisation levels of primary insurers and a relatively high share of proportional reinsurance arrangements.
Regulators in numerous African countries are recently demanding more risk to be retained and reinsured locally.
This scheme does contribute to increasing awareness and insurance penetration, as it encourages the setup of local reinsurers and persuades foreign insurers and reinsurers to set up businesses locally.
Economic growth, diversification and societal change have created opportunities for insurers and reinsurers both.
With the bullish prospects of reinsurance market in Africa and the arising opportunities for growth, Ghana is moving towards revolutionizing its reinsurance industry. Following the advancements, Ghana Insurance conference, scheduled March, in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and opportunities and challenges confronted by Ghana and furthering the potential for Ghana.
The industry is expected to grow at a forecast-period CAGR of With the separation of Life and Non-Life insurance markets, the economy is focusing on strengthening both of these sectors.
With the recent developments in Ghana including rising public awareness about insurance benefits, advancements in the regulatory framework, expansion of the middle class population and acceptance of mobile insurance products, the Ghanaian insurance industry is driving towards progressive growth.
Rapid growth in the recent past reveals the huge potential to grow and can contribute enormously in the national development.
Some veterans in the field believe that the innovative sound methodologies in the insurance industry can revolutionize the industry and can even result in twofold growth.
The emerging technologies, upcoming developments in terms of client segments and the overall economic expansion in the continent has forced regional insurers to rethink and has forced the global players to look at Ghana as a strategic market for growth.
Due to the budding mobile insurance sector, a sturdy rise has been seen in the insurance sales owing to the trust of the general public in the mobile operators.
With the ever so increasing number of MNOs Mobile Number Operatorsthe insurers have been given a run for their money. The insurance industry is looking at forming alliances between the masses and the network providers for staying relevant.
Also, bancassurance is another booming business of the Insurance sector in Ghana. The insurers and banks are actively teaming up in partnerships to offer a wide range of competitive and innovative products. Banking institutions have been performing well in selling insurance that traditional brokers are starting to feel the pressure.
But even after positive results of market calculations, the insurance industry is stagnant. Edem Dora Agbezuge, Relationship Manager, Barclays Bank Ghana Limited, will be sharing her insights on innovative approaches of the banks and how they can attract bankers towards selling the insurance products.
A growing number of insurers and banks have joined forces to offer policies through banking windows; more than 20 banks have already been granted licences to offer bancassurance products. Another very important part of this sector is Microinsurance which has received an increased attention in the recent years.
The affordability of MI products, ease of purchase and high speed of claim settlement are among the positive considerations why MI is a viable business line. Adjoa Boateng, Regional Director for MicroEnsure Holdings, will be joining us to share her in depth industry expertise with the attending audience about the prospects and shedding light on the current developments in the sector, the need for tremendous focus shift to come up with new, competitive and innovative business models for driving towards growth and sustainability, and to make people understand the importance of and create awareness about the concept of microinsurance.
The National Insurance commission noted with concern that some insurance companies have resorted to unconventional practices by reporting huge amounts of outstanding premiums while at the same time making equally large amounts of provision for bad debts without considerable subsequent recoveries.
This provoked the need for a regulatory framework that could put a halt over these ill practices.Type or paste a DOI name into the text box. Click Go. Your browser will take you to a Web page (URL) associated with that DOI name. Send questions or comments to doi.
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